[Shradha Sharma is a banking and finance lawyer at a law firm in India] Government companies are defined under section 2(45) of the Companies Act, 2013 (“Act”) to mean any company in which not less than 51 percent of the paid-up share capital is held by the central government or state government(s), or partly by the central government and partly by one or more state governments, and includes the...
Call for Papers: NLUJ Law Review
[Announcement on behalf of the NLUJ Law Review] NLUJ Law Review is the flagship journal of National Law University, Jodhpur, established with the objective of promoting academic research and fostering debate on contemporary legal issues. It is a bi-annual, double-blind student reviewed and edited journal, focusing on an inter-disciplinary approach towards legal writing. The remit of the Reviewis...
Zero Clicks – A Tool for Abuse of Dominance by Google?
[Neha Maria Antony is a 4th year law student at the National University of Advanced Legal Studies] Competition authorities across the world have a chequered history with tech giant Google. India’s competition regulator, the Competition Commission of India (‘CCI’) has also been part of this saga, and the latest in a series of competition concerns against Google arose in the form of the...
Supreme Court Explains Scope of Section 60(6) of IBC
[Raghav Bhatia is an Advocate, currently practising at the Supreme Court of India. The author would like to acknowledge Diali Sahana, 3rd Year Law Student of NUJS Kolkata, for her assistance] Recently, the Supreme Court of India in New Delhi Municipal Council v. Minosha India Limited explained the scope of section 60(6) of the Insolvency and Bankruptcy Code, 2016 (“IBC”). Under section 60(6) of...
SAT Expands the Scope of Exonerating Circumstances for Insider Trading
[Shubh Arora is a fourth year student at National Law University, Delhi] The Securities Appellate Tribunal (the “Tribunal”), in its ruling in Rajeev Sheth v. SEBI (19 April 2022), quashed the order of a Whole Time Member (“WTM”) of the Securities and Exchange Board of India (“SEBI”). The WTM found the Chairman of Tara Jewels Ltd., Mr. Rajeev Sheth, and his daughters, to have indulged in insider...
Insider Trading: Evolving a New Standard of Proof
[Shruti Rajan is a Partner at Trilegal. With research assistance from Vidhi Shah, Associate, Trilegal] A lot has been said (including in this Blog) on the recent Supreme Court decision in the matter involving PC Jewellers (Balram Garg v. Securities and Exchange Board of India, 19 April 2022), where the Court has recast the standard operating protocol used by the Securities and Exchange Board of...
The Promise of Private Enforcement of Competition Law in India
[Nimit Rajesh Goyal is a penultimate year student at the National Law University, Delhi. The author thanks Distinguished Prof. (Dr.) M.S. Sahoo and Prof. (Dr.) Ritu Gupta at the National Law University, Delhi for their insight and guidance] Private enforcement of competition law may be defined as enforcement by means of legal action brought about by victims of anti-competitive conduct before a...
Amendments and Relaxations to Pave the Way for the LIC IPO
[Arjya B. Majumdar teaches Securities Regulation and related subjects at the Jindal Global Law School. With acknowledgements to the immensely helpful discussions with Mr Sayantan Dutta, Partner, Shardul Amarchand Mangaldas] On 27 April 2022, the Life Insurance Corporation of India (‘LIC’) filed its Red Herring Prospectus (‘RHP’) with the Securities and Exchange Board of India (‘SEBI’) for its...
Electronic Gold Receipt: A Virtual Gold
[Darshana Gaggar is an associate at Mindspright Legal] The Securities and Exchange Board of India (SEBI) proposed a legal framework for the formation of a spot exchange for trading gold, hoping to use India’s disproportionate physical market power to allow gold to be traded in the financial market as well. Trading of gold in the financial market would be considered as another way of...
Lost in a Labyrinth: NCLT’s Journey from Admission to Withdrawal under the IBC
[Siddharth Jasrotia is a IV year student at the Maharashtra National Law University, Mumbai] The National Company Law Tribunal’s (“NCLT”) power to allow the withdrawal of insolvency petition has been subject to immense judicial scrutiny over the past few years, often resulting in conflicting outcomes. The inception of section 12-A in the Insolvency and Bankruptcy Code, 2016 (“IBC”) further...
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